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Report Date : |
28.01.2013 |
IDENTIFICATION DETAILS
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Name : |
KOYO KAIUN CO LTD |
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Registered Office : |
Daini AB Bldg 2F, 3-1-17 Roppongi Minatoku
Tokyo 106-0032 |
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Country : |
Japan |
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Financials (as on) : |
31.01.2012 |
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Date of Incorporation : |
Feb 1949 |
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Com. Reg. No.: |
0104-01-046523 (Tokyo-Minatoku) |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Chemical tanker owner &
operator |
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No. of Employees : |
12 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES
:
Any query related to this report
can be made on e-mail: infodept@mirainform.com while quoting report
number, name and date.
ECGC Country Risk Classification List – June 30th,
2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
japan - ECONOMIC OVERVIEW
In the years following World War II, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (1% of GDP) helped Japan develop a technologically advanced economy. Two notable characteristics of the post-war economy were the close interlocking structures of manufacturers, suppliers, and distributors, known as keiretsu, and the guarantee of lifetime employment for a substantial portion of the urban labor force. Both features are now eroding under the dual pressures of global competition and domestic demographic change. Japan's industrial sector is heavily dependent on imported raw materials and fuels. A tiny agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. Usually self-sufficient in rice, Japan imports about 60% of its food on a caloric basis. Japan maintains one of the world's largest fishing fleets and accounts for nearly 15% of the global catch. For three decades, overall real economic growth had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the after effects of inefficient investment and an asset price bubble in the late 1980s that required a protracted period of time for firms to reduce excess debt, capital, and labor. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2011 stood as the fourth-largest economy in the world after second-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2011. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan further into recession. Government stimulus spending helped the economy recover in late 2009 and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude earthquake in March disrupted manufacturing. Electricity supplies remain tight because Japan has temporarily shut down almost all of its nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled by the earthquake and resulting tsunami. Estimates of the direct costs of the damage - rebuilding homes, factories, and infrastructure - range from $235 billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko NODA has proposed opening the agricultural and services sectors to greater foreign competition and boosting exports through membership in the US-led Trans-Pacific Partnership trade talks and by pursuing free-trade agreements with the EU and others, but debate continues on restructuring the economy and reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth, and an aging and shrinking population are other major long-term challenges for the economy.
|
Source : CIA |
KOYO KAIUN CO LTD
REGD NAME: Koyo
Kaiun KK
MAIN OFFICE: Daini
AB Bldg 2F, 3-1-17 Roppongi Minatoku Tokyo 106-0032 JAPAN
Tel:
03-3224-2600 Fax: 03-3224-2650
*.. Moved to the caption
address in Apr 2011 from the one as given
E-Mail
address: subcontact@koyotky.co.jp
Chemical
tanker owner & operator
Singapore
(subsidiary, Koyo Kaiun Asia Pte Ltd)
FUJIO
SEKIGUCHI, PRE
Hiroshi Sekiguchi, ch
Kanji
Sekiguchi, s/mgn dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 5,903 M
PAYMENTS NO
COMPLAINTS CAPITAL Yen 90 M
TREND SLOW WORTH Yen
4,859 M
STARTED 1949 EMPLOYES 12
SHIP OWNER & OPERATOR SPECIALIZING IN OILS, CHEMICALS
& EDIBLE OILS.
FINANCIAL SITUATION
CONSIDERED FAIR AND GOOD FOR
ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established by Hiroshi Sekiguchi in
order to make most of his experience in the shipping business, starting as
coastal tanker operator. This is a ship
owner and operator specializing in oil products, chemicals, edible oils,
methanol, molasses, other. Operating
bases are Japan and Singapore, wherefrom the firm operates liner services for
these cargoes liking Far East, S/E Asia, India/Pakistan and Middle East. Operates 17 ships: 3 vessels of palm oil
trade. 12 vessels of chemicals trade, and 2 vessels chartered out. Clients include major trading houses, oil
refineries, other, nationwide.
(Brief
History): In 1966, the firm sent for the first time some of its
coastal tankers to carry lubricant oils from Japan to Taiwan and molasses on the
way back. In 1969 began near-sea
chemical trades and in 1974 vegetable oils were added to the list of
cargoes. In 1996, established Koyo Kaiun
Asia Pte Ltd in Singapore to cater to the growing needs for chemical tanker
services within S/E Asia.
The sales volume for Jan/2012 fiscal term amounted to Yen
5,903 million, a 19% down from Yen 7,312 million in the previous term. Cargo volume decreased due to some delay of
liner trading vessels. The firm posted
Yen 100 million recurring loss, but the end results posted Yen 16 million net
profits for the term, compared with Yen 53 million recurring profit and Yen 21
million net profit, respectively, a year ago.
Profits deteriorated due to skyrocketing bunker oil prices.
For the current term ending Jan 2013 the recurring profit is
projected at Yen 50 million and the net profit at Yen 25 million, respectively,
on a 3% rise in turnover, to Yen 6,100 million.
Shipping demand continues rising.
The financial situation is considered FAIR and good for
ORDINARY business engagements.
Date Registered: Feb
1949
Regd No.: 0104-01-046523 (Tokyo-Minatoku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 7.2 million shares
Issued: 1.8 million shares
Sum: Yen 90 million
Major shareholders (%): Miharu Unyu (85), Fujio
Sekiguchi (5), Kinue
Sekiguchi (5), Nagata Sempaku
(5)
No. of shareholders: 4
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Ship
owner & operator specializing in petroleum products (for coastal trades only), methanol, edible oil, other
chemicals (--100%).
(Operating fleet): Palm oil trade (4 ships), Chemicals
trade (12 ships), chartered out (2 ships).t
(Bases of operations):
Tokyo-based: chemical trades (S/E Asia –
India/Pakistan – Middle East); Edible
oil trades (Far East –
Malaysia/Indonesia/Thailand):
Singapore-based trades
(Singapore/Malaysia/Indonesia/Thailand), servicing 7-10 times monthly liner
trades.
Trading routes:
S/E Asia-Japan trade: covered by 4 vessels each having
stainless steel cargo tanks, making one round trip in 30 days;
Regional Liner Service: using 8-10 vessels to cover
ports in Singapore, Malaysia, Thailand, Indonesia, Vietnam, South China and Taiwan
regularly
Asia-USA trade: monthly service using 20,000 dwt type
vessels;
Asia-Australia trade: regular service for the trade,
using 12,000 dwt type vessels
Methanol Trade: first trade began in 1979 trading between
Canada and Japan, and recently between New Zealand and Japan/Korea/China, by
putting one 16,000 DWT methanol carrier and two new 49,000 DWT sizes.
Clients: [Cargo owners, oil refineries] Exxon
Mobil group firms, Itochu Corp,
Mitsubishi Corp, Marubeni Corp,
Japan Energy, Fuji Kosan Co, Koyo Kaiun Asia Ltd, other.
No. of
accounts: 300
Domestic
areas of activities: Nationwide
Suppliers:
[Shipping firms, forwarders] New Glory Shipping, New Seagull Shipping, Tamagawa Kosan, Asakawa Kisen, Nagata
Sempaku, Yawatahama Shosen, etc.
Payment record: No
Complaints
Location: Business area in Tokyo. Office premises at the caption address are
leased and maintained satisfactorily.
Bank References:
Shoko
Chukin Bank (Yokohama-Nishiguchi)
Mizuho
Bank (Marunouchi-Chuo)
Relations:
Satisfactory
(In
Million Yen)
|
Terms Ending: |
31/01/2013 |
31/01/2012 |
31/01/2011 |
31/01/2010 |
|
|
Annual
Sales |
|
6,100 |
5,903 |
7,312 |
7,009 |
|
Recur.
Profit |
|
50 |
-100 |
53 |
|
|
Net
Profit |
|
25 |
16 |
21 |
54 |
|
Total
Assets |
|
|
7,747 |
8,450 |
7,398 |
|
Current
Assets |
|
|
5,391 |
5,757 |
|
|
Current
Liabs |
|
|
1,261 |
1,488 |
|
|
Net
Worth |
|
|
4,859 |
4,842 |
4,821 |
|
Capital,
Paid-Up |
|
|
90 |
90 |
90 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
3.34 |
-19.27 |
4.32 |
-36.89 |
|
|
Current Ratio |
|
.. |
427.52 |
386.90 |
.. |
|
N.Worth Ratio |
.. |
62.72 |
57.30 |
65.17 |
|
|
R.Profit/Sales |
|
0.82 |
-1.69 |
0.72 |
.. |
|
N.Profit/Sales |
0.41 |
0.27 |
0.29 |
0.77 |
|
|
Return On Equity |
.. |
0.33 |
0.43 |
1.12 |
|
Notes:
Forecast (or estimated) figures for 31/01/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.53.85 |
|
UK Pound |
1 |
Rs.85.25 |
|
Euro |
1 |
Rs.71.72 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the
strongest capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for
credit transaction. It has above average (strong) capability for payment of
interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly
Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and
principal sums in default or expected to be in default upon maturity |
Limited
with full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be
exercised |
Credit
not recommended |
|
-- |
NB |
New
Business |
-- |
This score serves as a reference to assess SC’s credit
risk and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.